Saturday, September 30, 2023

Fair Tax, For Rich and all…

September 29, 2011 by  
Filed under News, Opinion, Politics, Weekly Columns

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( There are not enough rich people to make up the trillion dollar deficit that Mr. Obama is proposing and the rest of the cuts proposed are anticipated not real savings, e.g. drawing down troops which may not occur if other outbreaks and natural  disasters demand funds. 

The lies of this and other administrations reveal that one to three trillion dollars was taken from social security monies to finance wars and entitlements with IOU’s  left in the  Treasury knowing they will never be repaid.  Medicare was taking in enough money to pay its bills including Part D but it too is being tapped for everything imaginable leaving those who pay into this system short  changed.  So, why the rush to take more from these programs which were carrying their weight? 
Though Warren Buffett on August 15, 2011 made a generous proposal in suggesting the increase taxation on the rich, such a move without requiring a fair tax of all, continues to allow the influence of the rich to grow. 

 If such was done, the billionaires and multimillionaires could continue to lay claim to being bearers of the tax burdens for which they should be entitled to choice seats, i.e. pay to play which is part of the bigger problem.  

 A truly democratic society demands that everyone should pay some taxes including if nothing else but a dollar from the poor for we all derive some benefit from society including the water we drink, sewer services, police protection, fire services, free schools, paved roads and other social amenities.  In addition to income taxes, those who own property, including the rich are already picking up a disproportionate share of these costs.

If churches, synagogues and mosque ran their own charities as demanded in their books of faith instead of going to the government for the Faith Based Initiative support, $40 billion in savings per year could be appreciated.  These monies could be designated to Medicaid, Social Security and other government mandates which have been squandered.

1.  You cannot legislate the poor into prosperity, by legislating the wealthy out of prosperity.

2. What one person receives without working for, another person must work for without receiving.

3.  The government cannot give to anybody anything that the government does not first take from somebody else.

4. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work, because somebody else is going to get what they work for, that is the beginning of the end of any nation.

5. You cannot multiply wealth by dividing it.

A fundamental belief I have is that a democratic government is not entitled to take more than fifty percent of what people make to keep itself in business. If one adds a 35% federal income tax rate to that for states, local, property tax, sales taxes and licensing fees and other possible hidden taxes too many are already giving up over half of what they make to maintain the government. If we get rid of all loopholes including charitable deductions, business expenses, home purchase deductions.

Written By Dr. Ada M. Fisher

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2 Responses to “Fair Tax, For Rich and all…”
  1. Rosa McCurdy says:

    Please check out the truth about the FAIR TAX. There has been so much mis information about it. It taxes only what people spend, not what they earn. The rich do spend much more than the poor, thus are taxed more under fair tax. I am 79 years old, studies economics all my life. I know what I am talking about. The current FAIR TAX proposal is the only fair, honest, commonsense system available. Under this plan, you will be building retirement income whether you spend or save. Please, Please study plan.

  2. James Davis says:

    Dr Fisher,
    Based on what you have written, you appear to be a reasonably intelligent Republican. By your own admission,you said, “The lies of this and other administrations reveal that one to three trillion dollars was taken from social security monies to finance wars and entitlements with IOU’s left in the Treasury knowing they will never be repaid.” Now, wouldn’t it be logical to enforce payment of those IOU’s to the Social Security Trust Fund, if “The Fund” could the used to pull us out of this recession. After all, they are IOU’s in the form of government bonds which the federal government is obligated to pay. A JOB CREATION PLAN WHICH EFFECTIVELY ENDS THIS RECESSION W/O RAISING THE DEFICIT can be done through the use of “THE TRUST FUND.” You can bring an end to this recession in a matter of 30 days. It can be done cleanly and without adding to the deficit by putting money into hands of retiring baby boomers. You just simply have to change how Social Security checks are paid. Let the boomers have partial distribution of their Social Security principal in the amount of $20.000.00 or $40,000.00 dollars, and issue them a monthly check on the remainder of their principal. Look, let’s say it takes $313,000.00 dollars in principal at 6.9 interest to send me a monthly Social Security check of $1800.00 dollars. So, I say to Social Security, I would like to have a piece of my money up front, say $40,000.00 dollars. Now pay me a monthly check on the remainder, which is in this instance $273,000.00 dollars, which amounts to a monthly check of $1569.00 dollars. That makes this plan ( let’s call it the Davis Plan )deficit neutral. It’s their money, for heavens sake!! Presenting a partial distribution option of your retirement principal is common practice in the private sector. Yet we allow, the largest payer of pensions, the Social Security Trust Fund, not to do it at a time when it will benefit our economy the most. The impact of allowing partial distributions, which is simply taking down a part of your pension principal and than rolling over the rest to be received monthly would pull, no, jerk this economy out of this recession. BOOMERS ARE RETIRING AT A RATE OF 9,600 PER DAY STARTING IN JANUARY! 9,600 x $20,000.00 = $192,000,000. million dollars. That’s right, that’s the amount they will dump into this faltering economy each day for the next 18 yrs. That amount in effect is really $384,000,000.00 million per day b/c money handed directly to the consumer turns over 1 to 2 times. There are 68 to 72 million boomers depending who’s counting. THIS IS A NO BRAINIER!! With $384,000,000. MILLION DOLLARS coursing through this economy every day, the recession ends!!! It’s the boomers and their kids who are getting hardest hit in this recession anyway.

    Dr. Fisher, is this something, Republicans could embrace? If not,can you present me and the readers with logical reasons why?(none of that babble, just plain, simple understandable answers). After all, Dr. Fisher,based on what you have written, you appear to be a reasonably intelligent Republican.

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